George Soros bought stake in Rivian

Billionaire investor George Soros bought about 20 million shares of electric truck startup Rivian Automotive Inc. in the quarter ended December 31st.

About $ 2 billion worth of 19,835,761 shares made Soros Fund Management one of the most prominent investors in the company that has yet to produce consumer vehicles. Rivian is expected to supply more than 100,000 electric trucks to the e-commerce company, Amazon.

Irvine, the California-based Rivian has said that it expected a fall in production, which would be a few hundred vehicles short of its 2021 target of 1200 because of supply chain constraints. Rivian’s shares fell 9% and went down 43% for the year to date. The stock price also went down 67%.